FAQ: business lending & business loans for business owners
Business Loans Frequently Ask Questions
Details of The Greensborough Small Business Loans
Let me know what you think of the Greensborough Small Business Loans
Greensborough unsecured loans provides amounts of between $5,000 and $100,000. The terms range between 3 and 24 months and cash flow friendly repayments that are either per day or weekly.
What makes what makes the Unsecured Loan different from a traditional company loan?
Apply to get this Small Business Loan in under 10 minutes on the internet or by phone. You will receive a same day response and have the funds in your account within 24 hours. Traditional business loans reference an annual rate of interest plus other fees and charges. We offer a business loan is a loan that is priced upfront and you’ll be aware in advance of the amount you will have to pay, including any fees, charges or charges. Then, it is divided into weekly or daily payment amount.
What can you use the Small Business Loan be used for?
A Small Business Loan can be used to fulfill almost any business reason, such as control of cash flow business renovations, marketing, to purchase inventory or new equipment, or as general working capital, and much more. The loan is not available to fund personal expenses.
Concerning Larger Greensborough Business Loans
What is the Larger Greensborough Business Loan?
The Larger Business Loan is a larger size of loan that can be used to fund company expansion opportunities. The loan ranges from $100,000 to $500,000 over a fixed term with a maximum of 36 months. The repayments are made weekly or fortnightly, depending on your situation.
How’s the Origination Fee determined?
The Larger Business Loan has an Origination Fee, calculated at 2.5 percent of the loan amount.
Can I get the Larger Business Loan?
To be eligible for a loan in this amount the company needs to be trading for at least 3 years and generate an annual revenue of $700K. It is necessary to be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 or have a New Zealand company (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.
What can I use the funding for?
A large business loan is a great option for almost any business purpose including company renovations, to purchase new equipment or inventory or as general working capital and so much more. The loan is not available for personal reasons.
Is the Larger Business Loan one that requires security?
Asset security is necessary to access funding over $150,000. This is in the form of a charge against assets, and could include registering this with the PPSR or filing as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally in nature rather than specifying security over a particular asset. The person who is signing the guarantee is personally liable in the event that the company borrower is unable to repay the debt.
The Personal Property Securities Register (PPSR) is a central, national online registry run by the New Zealand Government. It reflects security interests that are registered for personal property (including the assets or goods). The PPSR gives priority over personal property to be granted in accordance with the date on which a security interest that is registered.
Caveats are legal document that is filed to provide notice of a legal claim on a property.
What exactly is a preapproval without Credit Check?
If you’re requesting larger company loans that is greater than $250,000, we may offer an initial pre-approval to ease the process. It is possible to get this done without a credit check, and within 6 hours of your initial application. This pre-approval is made based on a preliminary assessment which includes you answering some financial health questions. It is neither an offer nor a guarantee of credit. Acceptance without condition is subject to a full credit assessment and any offer you are offered could be based on different terms.
Application process
Are I eligible for funding?
You can apply for an company loan if you:
- are a New Zealand Citizen (or Permanent Resident)
- are over 18 years, have a New Zealand company (with a valid NZBN/IRD)
- you must prove at least 6 months worth of trade (for the unsecured loan $5K – $100K) or three years of trade (for the Larger Business Loan $100K to $500K)
How do I apply?
The application process is quick and easy. Complete the online form within a couple minutes, and a dedicated company credit specialist will be in touch to guide you.
For a loan of up to $100,000 you’ll require the right identification documents (valid Driver’s License) and a valid NZBN/IRD as well as at least 6 months’ worth of bank statements.
If you’re looking for loans with larger sizes, you’ll also require:
$100K to $250K: Information about the application including credit approval, 6-12 months of bank statements, IRD statement (if loan above $150K).
$250K to $500K: Details of the application, including credit consent twelve months of bank records, IRD statement and the last two years’ finalised financial statements, in addition to interim financials from the current financial year such as age-related payables and aged Receivables summaries.
How fast will I get an answer?
For an unsecured loan ($5K or more) we usually offer a response in one hour, provided you make your application during standard company timings and allow us to make use of the advanced bank verification system to instantly verify your bank’s information online. If you decide to upload copies of your bank statement, we’ll provide a decision within an business day.
For the Larger Business Loan ($100K up to $500,000) we may be able to offer you with pre-approval conditional to your application in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, this can be quicker based on the particular circumstances of each application. Some agreements have been approved in the space of 24 hours.
The quickest way to apply would be to make sure you apply during normal business hours. Also, let us use the modern bank verification link to instantly verify your bank information online. If you opt to send us copies of your bank statements it will take a little longer.
How soon will I receive the cash?
For the Small Business Loan ($5K or more) we can often offer an answer within an hour – as long as you submit your request within normal business time and you allow us to utilise the advanced bank verification system to instantly verify your bank details online. If you want to submit copies of your bank statement, we’ll offer a decision in just 1 business day.
For the Larger Business Loans ($100K or more) We may be likely to offer you with pre-approval conditional to your application within six hours. Once you’ve signed the pre-approval, the turnaround time is between 2 and 3 days for the final approval, however this could be shorter based upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The fastest method for you to apply is make sure you apply during standard business hours. Also, allow us to use our modern bank verification link to check your bank’s information online. If you decide to send us copies of your bank statements, it takes a bit longer.
How much can I borrow?
We offer the loan amount between $5,000 to $500,000. When you make an application for a certain amount, we look at a variety of variables for determining your well-being of your company as well as the amount of repayments your company is able to afford. The amount you receive from the loan will be determined by the particular circumstances for your business.
When you submit an application for a set amount, we look at a range of elements to determine the health for your business and the amount of payments your business can afford. The amount you receive from your loan will depend on the particular circumstances the company.
Fees & repayments
What is the cost for a company loan?
When you make an application for one of our business credit, we’ll assess the risk profile that you have for your business and offer an individualised offer, including the amount of the loan, the duration and the interest rates. It is a company loan is a loan that is priced upfront which means you know the exact amount payable including any charges or interest.
What determines the amount I pay?
Interest rates for company loans rates depend on a variety of factors including the amount borrowed, the company assets the funds will be used for in addition to the industry that the business operates in, the long the company has been running as well as how long the business has enough cash flow to fund the loan, as well as the overall health or creditworthiness of the company.
What are the fees?
There aren’t any hidden charges for our company loans, and you’ll be aware of the amount you’ll be required to pay and at what time, from the day you sign up. There’s not any compounding interest and no extra fees (as long as you are able to make your payments on time).
We do not charge an Application Fee. You can get a cash loan with no cost upfront or any obligation to sign up.
The Origination Fee is the cost associated in establishing and managing the loan. The only way to pay this cost if you take out the loan. The Origination Fee for us is 2.5% of the loan amount.
Can I pay out the loan in advance?
You can repay all of your loan at any point in time.
If you are deciding to pursue this option, please contact our helpful company lending professionals. The experts will offer you with repayment details and an early payment figure. It will be calculated using the sum of the principal amount remaining plus any accrued interest as of the time of early payout, plus 1.5% of the principal remaining plus any outstanding fees.
What is the process for repayments?
In order to help you avoid missing due dates and also to be in line with your cash flow cycle we offer repayments either daily or weekly. These are automatically withdrawn from your nominated company account.
Security & privacy
Will my information be protected?
Making sure that your information is secure, and knowing how we collect the information we collect, use, share and safeguard your data, is of paramount importance and is an essential part of our relationship with you.
Is it safe to link my bank account to the platform?
Yes. We utilise industry-recognised encryption protocols to safeguard your sensitive, personal and financial data and our funders are ISO 27001 qualified for our dedication to customer security and security. We employ an exceptionally sophisticated bank verification system link to immediately verify the bank account details online to offer a fast response.
About business loans
What exactly is an asset-based loan (a secured loan)?
Asset-based borrowing occurs when the business owner utilises an asset that they own to secure the funding. The asset can be either a personal asset like the family home or a business asset like a truck or other piece of machinery.
The majority of the lenders including the largest banks, are inclined to guarantee loans against assets. If you’re having trouble paying back the loan, your asset may be offered for sale by the lender. In essence it is an opportunity to secure new financing using the worth of the asset you already own.
Should I need security to secure a company loan?
Up to $150,000 in loans the requirement for asset security is not required upfront to access the money However, we require a personal guarantee. require a personal guarantee. So long as you comply with the terms of your loan (as detailed in your loan contract) Asset security will never be required. For loans that exceed $150K, generally there is a personal ensure and security in the form charges on assets.